Staff Report
Dubai, UAE
In a move to drive investment in Dubai’s real estate market, a new initiative has been launched to promote homeownership among residents in the UAE. The First-Time Home Buyer Programme, a joint initiative by Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET), encourages UAE tenants to buy homes in Dubai by offering priority access to new off-plan units, preferential pricing, and tailored mortgage solutions offered under this programme. As Dubai’s real estate approaches a possible slowdown, the programme will help retain market momentum through capital flow while also creating a lucrative opportunity for new homeowners to enjoy the market’s potential for higher returns on investment.
While Dubai’s property sector achieved Dh761 billion (US$207.19 billion) worth of sales in 2024 – which exceeded the GDP of 140 countries – the rental segment also made headways with over 1.02 million transactions valued at more than Dh74.5 billion (US$20.28 billion) – exhibiting nearly 25 percent year-on-year uptick in transaction volume from 2023. This indicates that a substantial portion of the population reside in rentals in the emirate.
Furthermore, despite the skyrocketing success of Dubai’s real estate market, most of the UAE residents are tenants – something that the Dubai Government and DLD want to change. This is evident from the First-Time Home Buyer Programme which allows homeownership to be more accessible and financially affordable for Emiratis and expatriates alike. Created for all income levels, the programme is open to applicants aged 18 and above who are residents of the UAE, and who do not currently own a freehold residential property in Dubai.
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), said, “This initiative represents a powerful economic lever—stimulating long-term demand, driving liquidity into the real estate ecosystem, and accelerating the sector’s contribution to GDP in line with the Dubai Economic Agenda, D33. By lowering entry barriers to homeownership for Emiratis and expatriates alike, we are enhancing investor confidence, increasing market absorption rates, and reinforcing Dubai’s global positioning as a city where personal aspirations and business ambitions converge.”
The programme collaborates with high-profile developers and credible banks to create a feasible ecosystem for aspiring homeowners. Leading developers already committed to the programme include Azizi Developments, Beyond Developments, Binghatti Holding, Damac Properties, Danube Properties, Dubai Properties, Ellington Properties, Emaar Properties, Majid Al Futtaim Group, Meraas, Nakheel, Palma Holding, and Wasl. These partners are offering unprecedented support to first-time home buyers through priority access to units in new off-plan launches, and enhanced commercial terms, including preferential pricing on units up to Dh5 million.
Participating banks include Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic, and Mashreq bank will provide tailored mortgage products designed specifically for eligible buyers.
The programme will continue to onboard new partners post the launch to increase the choice for first time home buyers.
The initiative clearly aligns with the Dubai Real Estate Strategy 2033 which aims to increase homeownership rate and drive market value to Dh1 trillion, underscoring the Dubai Economic Agenda’s (D33) goal to double the size of Dubai’s economy by 2033.
Omar Bu Shehab, Director General of Dubai Land Department (DLD), said, “The First-Time Home Buyer programme embodies Dubai’s strategic vision for a more inclusive, transparent, and accessible real estate market. By easing entry into homeownership, we empower individuals and families to invest in their futures while supporting the Dubai Real Estate Strategy 2033’s broader objectives and Dubai Economic Agenda D33. This initiative is a key driver of market resilience and positions Dubai as a global benchmark for sustainable urban development.”
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